It REALLY doesn't have all the coverage you could ever ask for.
Normal - Body Slam, Facade. Water/Normal is good neutral coverage, but Body Slam without STAB isn't strong enough to go this route. Facade is an interesting tech, but hard to fit.
Fighting - Close Combat, Drain Punch. While not as good for neutral coverage as the above, either much higher BP or a better secondary effect means you don't care. Tera Fighting is also better on a fatty than Tera Normal, since it answers Kingambit.
Ice - Ice Punch. The best move available for Dragonite or Sinischa, and useful for Gliscor and Lando-T if you're not running Wave Crash. Sets without Wave Crash tend to be setup, though, and will greatly struggle to fit it.
Dragon - Outrage. Powerful, but very risky to lock into.
Dark - Throat Chop. Not the worst move, but doesn't have great synergy with Water/Fighting coverage. An option for Sinischa, but Ice Punch has better secondary targets than Throat Chop.
Psychic - Zen Headbutt. Again, not a bad move, but doesn't really hit anything important.
Every Palafin is going to run Water/Fighting, but after that it's pretty middling. Other than Outrage, everything else tops out at 80 BP, and Outrage is a very risky move to lock into. What Palafin does have is a strong utility pool, headlined by Bulk Up, Taunt, Substitute, and Encore, and Water/Fighting is pretty great neutral coverage to safely run the utility stuff.
Virtually all Palafin sets are going to carry Fighting coverage, as both Close Combat (for immediate power) or Drain Punch (for the stallbreaker set) are great moves. Jet Punch is actually somewhat hard to fit on offensive sets that aren't Choice Band.